President Barack Obama's administration has promised to veto the bill. He says it doesn't do enough to protect "the nation's critical systems from cyber attacks and would erode consumer-privacy safeguards."

Rep. Mike Rogers (R-Mich.) who leads the House Intelligence Committee, introduced the proposal because he wants government and businesses "to voluntarily share data on cyber threats and gives businesses legal immunity for such exchanges," according to Businessweek.

He and other legislators worry that cyberspies will attack American intellectual property and as well as the U.S.'s web infrastructure.

Opponents, however, say that the act is SOPA and PIPA-like in its threats to privacy. Groups such as the American Civil Liberties Union and the Electronic Frontier Foundation fear that it would make internet companies unaccountable in their handling of user data in relation to law enforcement. And, as detailed by ProPublica, the White House thinks that "CISPA would enable military and intelligence agencies to take on a policing role on the internet, which the administration points out is a civilian sphere."

Also sketchy: whether CISPA would actually do anything to beef up cyber security.